San Diego market update for Q4, 2021

By Candace Thrower

The real estate market in the United States has been hectic, and San Diego is no exception. The city has consistently ranked first among the most thriving real estate markets. The market has recently exhibited indications of calming, bringing relief to investors. Well, I can’t say whether the market will continue to rise or revert to pre-pandemic levels following its recent stabilization. Here’s a glimpse of San Diego in the fourth quarter: Housing Stocks- the housing inventory has dropped dramatically with detached homes’ inventory falling to 42.6 percent and 60.1 percent for attached homes. The month’s supply for a detached home has decreased by 47.1 percent, while attached homes’ months supply has dropped by 66.7 percent. The days in the market for detached homes are at a 19.2 percent decrease and 19.2 percent decrease in days in the market for attached homes. The average time properties are on the market is 1.7 months, indicating that demand for property in San Diego is still outpacing supply. San Diego is unquestionably a seller’s market, with no signs of a change soon. In Q4, inventories are likely to rise as more homeowners list their houses and new listings arrive.

Home sales- Detached homes have seen a 16.1 percent drop in closed sales, while on the other hand, attached homes have recorded a 0.7 percent increase. Pending sales have dropped by 12.6 percent for detached homes and 10.6 percent for attached homes.

Housing Prices-Because of its high median property prices, San Diego is ranked amongst the top five most expensive states in California. Detached homes saw a 15.9 percent increase in median sales price to $860,000, while attached homes saw a 16.5 percent increase to $565,000, respectively. Typically, the listing price was $ 957,000, up 19.6 percent from the previous year. One bedroom stands at $437K and two bedrooms at $600K.As mortgage rates and inventory are inversely linked to home prices, low mortgage rates and inventory have fueled the high prices. Despite the high prices, buyers have a lot of buying power because of the low mortgage rates.

Mortgage Rates-Homebuyers in San Diego can choose from several different sorts of mortgage rates. With a 30 year fixed mortgage at 3.06 percent, a 15 year fixed mortgage at 2.42 percent, and a 5/1 ARM at 2.78 percent, the average mortgage rate in Q4 is 3 percent. The Mortgage Bankers Association predicts that average mortgage rates will rise to 3.2 percent by the end of the year, implying that prices would likely fall.

Appreciation for your residence- In 2021, the value of a home in San Diego has climbed by 22.5 percent. San Diego has had an appreciation rate of 82.7 percent over the last ten years, or 6.22 percent per year, putting it in the top 10 percent of real estate appreciation nationwide. The market may be leveling off, but it will continue to thrive in the coming months. Housing supply continues to outstrip demand, while mortgage rates remain at historically low levels. For a potential buyer or seller in San Diego, I believe this is an ideal time. All you need is the right home-buying companion. The best partner you can get is The Power Is Now Media Inc. More details can be found at www.thepowerisnow.com. Contact our professional VIP agent Candace Thrower today for more.

ABOUT CANDACE THROWER

Candace is a versatile, results-oriented, real estate sales professional with extensive experience in foreclosure prevention. She has demonstrated customer service excellence, Armed with solid communication and interpersonal skills to establish and maintain rapport with clients. She is proficient in Microsoft Office tools and Equator Short Sale Processing System. Her core competencies include Property Sales, Client Analysis, Prospecting, Communicating as 3rd Party with Banks, Market Research, Negotiation / Mediation.

ABOUT THE POWER IS NOW MEDIA INC.

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help make your homeownership dream a reality. Go to www. neverrentagain.com and get started today. Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor First Bank, NMLS 461807. President and CEO The Power Is Now Media Inc. www.thepowerisnow.com

References

https://www.noradarealestate.com/blog/san-diego-real-estate-market/ https://www.luxurysocalrealty.com/blog/san-diego-real-estate-market/